Sammy Ofer, Udi Angel to invest $400 million more in local tech
Company's constantly on the prowl for good deals, any size
Billionaires Sammy Ofer and Udi Angel mean to invest some $400 million via their jointly owned company Ofer Hi-Tech in Israeli hi-tech companies.
Ofer Hi-Tech is a venture capital fund and private equity investment firm. It has invested about $200 million in Israeli tech companies, from ones in the idea-on-paper stage to mature companies such as ECI Telecom (Nasdaq: ECIL) and Lumenis (Nasdaq: LUME).
Yoav Doppelt, chief executive of Ofer Hi-Tech, declined to descend to specifics. "We manage hundreds of millions of dollars, and intend to reach a high level of hundreds of millions of dollars within five years," he said.
Angel adds: "The money is there. It isn't a fund limited in resources. Broadly speaking, the fund managers have no impediment to realizing their fantasies, if the business pays."
Ofer Hi-Tech has been around for about ten years. It has a weakness for life sciences, mainly medical devices, and telecommunications. The fund has ten workers, some of whom have experience in founding startups. Ofer Hi-Tech also has strategic relationships with foreign investment firms.
Doppelt points out that the management team is free to make fast complex decisions, and is constantly on the prowl for good deals of all sizes.